Electric Motor Market to Reach $136.4 Billion, Globally, by 2025 at 4.5% CAGR: Allied Market Research
PORTLAND, Oregon, June 17, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Electric Motor Market by Type (AC Motor, DC Motor, and Hermetic Motor), Output Power (IHP and FHP), Voltage Range (9 V & below, 10-20 V, 21-60 V, 60 V & Above), Application (Industrial Machinery, Motor Vehicle, HVAC Equipment, Aerospace & Transportation, and Household Appliances) & Speed (Low-speed, Medium-speed, High-speed, Ultrahigh-speed): Global Opportunity Analysis and Industry Forecast, 2018?2025." As per the report, the global electric motor market was estimated at $96.9 billion in 2017 and is expected to reach $136.4 billion by 2025, growing at a CAGR of 4.5% from 2018 to 2025. The report offers an in-depth analysis of top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and changing market trends.
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Increase in demand for energy-efficient electric motors, high demand in agricultural & industrial sectors, rise in awareness about electric & green vehicles among customers, and upsurge in HVAC applications have fueled the growth of the global electric motor market. On the other hand, high initial cost of motors hinders the growth to certain extent. However, standardization & regulatory norms in emerging markets and improvement in design methods to reduce carbon emissions are expected to create a number of opportunities in the market.
The AC motor segment to maintain its leadership status till 2025
Based on motor type, the AC motor segment held the largest share, accounting for more than two-thirds of the total market share. Rise in adoption of AC motors owing to its availability in all sizes and low prices of permanent magnets are the major factors that have driven the growth of the segment.
The FHP output segment to remain lucrative during the estimated period
Based on output power, the FHP output segment accounted for more than four-fifths of the total market and is anticipated to rule the roost throughout the study period. Increasing adoption of FHP output motors in healthcare sector has worked as the major driving factor behind the growth of the sector. Simultaneously, the same segment is expected to grow at the highest CAGR of 4.6% during the period, 2018?2025.
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North America to maintain its dominance throughout the forecast period
Based on geography, North America contributed to more than one-third of the total market share in 2017 and is expected to dominate during the forecast period. Increase in demand for application-specific medical tools and industrial equipment & machinery for various industrial processes & activities have spurred the growth. The Asia-Pacific region, on the other hand, is projected to grow at the fastest CAGR of 5.4% during the study period.
Key market players
Leading market players analyzed in the report include Siemens AG, Baldor Electric Incorporation, Johnson Electric Holdings Limited, Allied Motion Technologies Inc., Ametek Incorporation, Asmo Corporation Limited, Franklin Electric Cooperative Incorporation Brook Crompton UK Limited, ARC Systems Incorporation, and Rockwell Automation Incorporation. These players have implemented various market strategies such as partnerships, collaboration, mergers & acquisitions, and new product launch to retain their stand in the industry.
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